This paper studies the impact of birthright citizenship on youth crime. We leverage a German reform which automatically granted birthright citizenship to eligible immigrant children born in Germany ...

The American Economic Association (AEA) has named four new Distinguished Fellows, three of whom, Marjorie McElroy, N. Gregory Mankiw and Robert A. Margo , have long-standing ties to the NBER.

Nominal interest rates have real effects. Residential mortgages and other real world debt contracts require a sequence of constant nominal payments. Combined with payment-to-income constraints, these ...

We develop a dynamic general equilibrium model with a rational asset bubble and an occasionally binding borrowing constraint that reproduces these empirical regularities. The bubble raises collateral ...

There is widespread opposition to affirmative action policies. We study whether personal disappointments shape preferences for such policies. Specifically, we test whether individuals' college ...

In 2025, the U.S. raised average tariff duties from 2.4% to 9.6%, bringing protectionism to its highest level in eighty years. We explore the structure of these tariffs, estimate their short-run ...

Bank regulation supports financial stability, but might constrain economic activity. This paper estimates the macroeconomic effects of bank regulation using a high-frequency identification approach.

Electricity reliability is a central challenge for the energy transition, as growing energy demand, renewable energy integration, and natural disasters increase the risk of large-scale black- outs.

Consumer sentiment influences household behavior in important ways, yet we lack causal evidence on whether government policies themselves shape these perceptions. We help fill this gap by studying the ...

We examine the relationship between age and various measures of wellbeing and illbeing across three major surveys – the Gallup World Poll (GWP, Global Minds (GM) and the Global Flourishing Survey (GFS ...

We penetrate the black box of post-acquisition integration by examining whether business unit leaders (BULs)—executives responsible for integrating and operating acquired targets—shape integration ...

We study who joins startup accelerators, how founders sort across programs, and which accelerators improve startup outcomes. Using a comprehensive sample of about 750,000 U.S. startups linked to 329 ...